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Session Laws, 1914
Volume 533, Page 935   View pdf image (33K)
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PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 935

SEC. 6. And be it enacted, That until the payment in full
of the whole amount of the principal of said bonds, all dividends
which may be declared by the said company upon the said stock

or income bonds so to be subscribed for, so long as the same
shall continue to be owned by the said County and held by the
County Commissioners, shall be paid by the said company to

said County Commissioners, and invested by them in the in-
crease of said sinking fund, as provided in Section 5, and it
shall be the duty of the County Commissioners to publish dur-
ing the first week in January in each year under their hands
And seals in the newspapers of St. Mary's County a full state-
ment of the exact condition of said sinking fund.

SEC. 7. And be it enacted, That the said County Commis-
sioners of St. Mary's County shall have power at any time out
of any surplus fund belonging to said County, to purchase and
retire any of the bonds hereby authorized to be issued, at their
market value, and to cancel and destroy the same after entering
upon their books the date of said purchase and of such cancella-
tion, and the dates, amounts, numbers and other particulars of
said bonds respectively; providing that no bond shall be pur-
chased unless all coupons thereof respectively not then due shall
remain attached to such bond at the time of purchase.

SEC. 8. And be it enacted, That said bonds properly executed
may be delivered at not less than their par value, to the Wash-
ington, Potomac and Chesapeake Railway Company, its suc-
cessors or assigns, in payment for said preferred stock or income
bonds, when the said road shall be completed and ready for the
operation of trains between Brandywine in Prince George's
County, State of Maryland, and some point on the Patuxent
River in St. Mary's County at or near the mouth thereof, or
some point on St. Mary's River, and not before, or the same
may be sold at not less than the par value thereof, by the said
County Commissioners, and the proceeds paid to the said Rail-
way Company in payment for said preferred stock or income
bonds.

SEC. 9. And be it enacted, That the said County Commis-
sioners of said County, be and they are hereby authorized to
sell or pledge the shares of stock or income bonds of said Rail-
way Company, which may be subscribed for at not less than
their par value, and to apply the proceeds thereof to the pay-
ment of the said bonds and the interest thereon.

SEC. 10. And be it enacted, That the County Commissioners
of said County, or a majority of them, are hereby authorized

 

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Session Laws, 1914
Volume 533, Page 935   View pdf image (33K)
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